Start collecting past-due accounts today with InstiCollect

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Start collecting past-due accounts today with InstiCollect

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Recover Revenue on Healthcare Balances Under $500

Regulations for credit reporting healthcare accounts have changed in recent years. Credit reporting is no longer allowed for a full year after your healthcare accounts becomes delinquent, and accounts under $500 are no longer reportable.

But there are a few common misconceptions about the new regulations:

⊗ You can’t place your healthcare accounts under $500 in collections anymore. FALSE!
The new regulations say you cannot place accounts with a collection agency for a year. FALSE!
Regulations make placing your accounts with a collection agency no longer effective. FALSE!
 Fortunately, IC System can help!

You CAN Place Accounts Under $500 (And You Should)

Yes, the new regulations make healthcare debt collection more challenging. But healthcare organizations can still rely on IC System to collect on balances under and over $500, regardless of credit reporting limitations.

Even so, you might wonder whether there’s really value in sending debts $500 and under to a collection agency. The simple answer: There is!

In fact, your accounts under $500 could result in a major revenue increase.

A Custom Solution for Balances Under $500

In response to the new regulations, IC System’s data scientists have developed an omnichannel solution specifically for balances under $500.

Our proprietary model applies a unique process to these balances, which is designed to effectively communicate with past-due patients and resolve their accounts.

Using this model, IC System has uncovered that accounts under $500 are among the most collectible balances from IC System’s more than 6,000 clients.

Early adopters of this strategy have seen a double-digit increase in liquidation rates! And the best part of our model is that it’s constantly learning and improving. Our strategy adjusts every month to impact performance and provide a consistent stream of positive results.

Of course, we will collect on balances over $500 as well, and our solution for them is just as customized.

Trust the Experts

With over 85 years of experience, IC System has the knowledge and ethical approach to recover your revenue under $500 while complying with regulatory change. Not only will we collect your bad debt, but we will do so while focused on compliance and the patient experience.

The Bottom Line

Regulatory change will continue to impact healthcare debt collections. Trust in IC System to help your organization navigate these changes and ensure a healthy bottom line by applying our custom solutions to balances over and under $500, with or without credit reporting.

About the Author:

Brian Eggert is a business development specialist and writer for IC System, one of the largest receivables management companies in the United States. With 18 years in the collection industry, Brian's experience includes operations, client service, proposal writing, blogging, content creation, and web development.